Stockholders’ Equity

Common Stock

At December 31, 2018, the Company had 150,000,000 authorized shares of common stock with a par value of $0.01 per share, with approximately 76,536,755 shares of common stock outstanding and approximately 3,436,426 shares reserved for issuance under the Company’s 2006 Long-Term Incentive Plan (the “Plan”) (Note 10).

Share Repurchase Program

During 2012 through 2016, the Company’s Board of Directors approved several share repurchase authorizations under which the Company is permitted to repurchase up to $1,350.0 million of shares of its common stock.

During 2018 and 2016, the Company repurchased 3,120,184 and 4,413,250 shares of its common stock, respectively, for approximately $184.3 million and $212.5 million, respectively, either through Accelerated Share Repurchase (“ASR”) agreements with financial institutions or through open market transactions. During 2017, the Company received approximately 70,464 shares associated with the remaining balance of shares to be delivered under an ASR agreement that was completed in November 2016. All shares received under the ASR agreements were retired upon receipt, and the excess of the purchase price over par value per share was recorded to “Additional paid-in capital” within the Company’s Consolidated Balance Sheets.

During 2019, the Company entered into an ASR agreement with a financial institution to repurchase an aggregate of $30.0 million shares of its common stock. The Company received approximately 379,927 shares to date in this transaction. The specific number of shares the Company will ultimately repurchase will be determined at the completion of the term of the ASR based on the daily volume-weighted average share price of the Company’s common stock less an agreed-upon discount. Upon settlement of the ASR, the Company may be entitled to receive additional shares of common stock or, under certain circumstances, be required to remit a settlement amount. The Company expects that additional shares will be received by the Company upon final settlement of its current ASR agreement, which expires during the second quarter of 2019. All shares received under the ASR agreement discussed above were retired upon receipt and the excess of the purchase price over par value per share was recorded to “Additional paid-in capital” within the Company’s Consolidated Balance Sheets.

As of December 31, 2018, the remaining amount authorized to be repurchased is approximately $147.1 million, of which $115.7 million expires in December 2019 and $31.4 million has no expiration date.

Dividends

The Company’s Board of Directors has declared and the Company has paid quarterly cash dividends of $0.13 per common share beginning the first quarter of 2016, $0.14 per common share beginning the first quarter of 2017 and $0.15 per common share beginning the first quarter of 2018, respectively, and on January 25, 2019, the Company’s Board of Directors approved a quarterly dividend of $0.15 per common share beginning the first quarter of 2019.

The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation and its subsidiaries for the years ended December 31, 2018 and 2017 (in millions):



	Defined Benefit Pension Plans			Cumulative Translation Adjustment			Deferred Net Gains (Losses) on Derivatives			Total
Accumulated other comprehensive loss, December 31, 2016	$	(304.5	)	$	(1,128.4	)	$	(8.7	)	$	(1,441.6	)
Other comprehensive income before reclassifications	6.8			56.6			2.0			65.4
Net losses reclassified from accumulated other comprehensive loss	12.6			—			2.0			14.6
Other comprehensive income, net of reclassification adjustments	19.4			56.6			4.0			80.0
Accumulated other comprehensive loss, December 31, 2017	(285.1		)	(1,071.8		)	(4.7		)	(1,361.6		)
Other comprehensive loss before reclassifications	(10.3		)	(202.6		)	(1.1		)	(214.0		)
Net losses reclassified from accumulated other comprehensive loss	13.0			—			7.2			20.2
Other comprehensive income (loss), net of reclassification adjustments	2.7			(202.6		)	6.1			(193.8		)
Accumulated other comprehensive loss, December 31, 2018	$	(282.4	)	$	(1,274.4	)	$	1.4		$	(1,555.4	)

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation and its subsidiaries for the years ended December 31, 2018 and 2017 (in millions):



Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item within the Consolidated Statements of Operations
	Year ended December 31, 2018⁽¹⁾			Year ended December 31, 2017⁽¹⁾
Derivatives:
Net losses (gains) on foreign currency contracts	$	2.3		$	(0.2	)	Cost of goods sold
Net losses on interest rate swap contract	6.3			2.4			Interest expense, net
Reclassification before tax	8.6			2.2
	(1.4		)	(0.2		)	Income tax provision
Reclassification net of tax	$	7.2		$	2.0

Defined benefit pension plans:
Amortization of net actuarial losses	$	13.9		$	13.5		Other expense, net⁽²⁾
Amortization of prior service cost	1.4			1.4			Other expense, net⁽²⁾
Reclassification before tax	15.3			14.9
	(2.3		)	(2.3		)	Income tax provision
Reclassification net of tax	$	13.0		$	12.6

Net losses reclassified from accumulated other comprehensive loss	$	20.2		$	14.6

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(1)	Losses (gains) included within the Consolidated Statements of Operations for the years ended December 31, 2018 and 2017, respectively.


(2)	These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. See Note 8 to the Company’s Consolidated Financial Statements.